Eckert & Ziegler Se · XETR:EUZ
Eckert & Ziegler — Q1 2026 Earnings Presentation
35 slides from Eckert & Ziegler's earnings presentation, May 12, 2026
Slide 1: Q1 results 2026
Eckert & Ziegler SE Dr. Harald Hasselmann, CEO Q1 results 2026 May 12, 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements based on the beliefs of Eckert & Ziegler SE management. Such statements reflect current views of Eckert & Ziegler SE with respect to future events and results and are subject to risks and uncertainties. Actual results may vary material
Slide 3: Group Executive Committee – Leading expert teams with extensive experience in key areas
Group Executive Committee – Leading expert teams with extensive experience in key areas Frank Yeager Joe Hathcock Ana Ramirez Richard Hunter Chief Executive Chief Operating Vice President Vice President Officer (IP) Officer (IP) Regulatory & Sales & Quality Marketing Operations (IP) (IP) Dr. Harald
Slide 4: Revenue and Net Profit 2000-2025 (in Mio. €)
Revenue and Net Profit 2000-2025 (in Mio. €) 350 312 300 250 200 150 100 49 50 0 2000 2005 2010 2015 2020 2025 Revenue Net profit slides only for illustration – the spoken word shall be binding 4
Slide 5: The Nuclear Medicine Market – Significant increase in demand expected
The Nuclear Medicine Market – Significant increase in demand expected Estimated Nuclear Medicine Market Size 2030: 26BN USD * 25.9 11.2 9.3 * MedRays Intell 2025 slides only for illustration – the spoken word shall be binding 5
Slide 6: The Nuclear Medicine Market – Numerous large investments demonstrate huge potential
The Nuclear Medicine Market – Numerous large investments demonstrate huge potential Estimated Nuclear Medicine Market Size 2030: 26BN USD * Selected Financing Rounds & Investments 2023 - 2026 4.1BN USD 2.4BN USD 7.0BN USD 1.7BN USD 1.7BN USD 1.4BN USD 1.35BN USD 1.0BN USD 1.0BN USD UP TO 425M USD 30
Slide 7: Core competences meets market developments
Core competences meets market developments Yttrium-90 Gallium-68 “Pushing Medical Devices” “The Companion Diagnostic Isotope” • Global core supplier for Y-90 • Market Leader in Ga-68 generators • APAC expansion ongoing • Approval in EEA, USA and key international markets • Prerequisite for therapy p
Slide 8: Core Competences – Enabling partners to develop and supply innovative radiopharmaceuticals
Core Competences – Enabling partners to develop and supply innovative radiopharmaceuticals * 177Lu 225Ac Contract Manufacturing *For confidentiality reasons, only a selection of our customers can be mentioned. The list also shows those with reservation agreements only. slides only for illustration –
Slide 9: Core Competences - Radioisotope Supply, Related Services and Equipment
Core Competences - Radioisotope Supply, Related Services and Equipment Radio- Radio- pharmaceutical pharmaceutical Healthcare Development Manufacturing Professionals Patients Raw Material Radioisotopes Imaging Industrial Quality Scientific Sources Measurement Assurance Applications Services and Equi
Slide 10: Highlights (Q1/2026)
Highlights (Q1/2026) February 2026 February 2026 January 2026 Development Significant Increase NuWays Initiates Partnership with of Production Coverage with Buy Molecular Partners Volume for Ac-225 Rating Enabling development and Successful transition of Highlighting EZ’s unique future manufacturing
Slide 11: Isotope supplier AND platform partner in next-generation radiopharmaceuticals
Isotope supplier AND platform partner in next-generation radiopharmaceuticals “Eckert & Ziegler Enters Partnership with Molecular Partners to Support Development of Radio-DARPin Therapeutics” Press Release from Feb 26, 2026 Traditional model Evolving model (new) • Supply to established, clinically a
Slide 12: Agenda
Agenda 1. Q1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 12
Slide 13: Segment Data (FY2025)
Segment Data (FY2025) Isotope Products ▪ 608 employees (as of Dec. 2025) ▪ Revenue (ext.): 140,9 million EUR Revenue EBIT adj. ▪ Rev. / Employee: ~ 230.000 EUR ▪ EBIT adj.: 28,3 million EUR 45% 36% Medical ▪ 428 employees (as of Dec. 2025) 64% 55% ▪ Revenue (ext.): 171,0 million EUR ▪ Rev. / Employe
Slide 14: EZ strategy pays off
EZ strategy pays off Group 2025 Sales EBIT adj. FCF Margin (in Mio. EUR) (in Mio. EUR) Eckert & Ziegler 312,0 77,7 10 % Group Isotope Products Medical Isotope Products Medical NET Sales Growth + 5% - 4% + 15% EBIT adj. Growth + 18% - 9% + 29% EBIT Margin 25% 19% 30% slides only for illustration – th
Slide 15: Group: Solid overall picture yet mixed segment dynamics – challenges remain, outlook positive
Group: Solid overall picture yet mixed segment dynamics – challenges remain, outlook positive (in Mio. EUR) ▪ FX adjusted: +11% Net Sales ▪ Radiopharmaceuticals continue to grow (+23% vs. Q1 2025) 3M 2026 72,9 ▪ Medical is driving the growth in sales (+21% vs. PY) 7% 3M 2025 68,2 ▪ Isotope Products:
Slide 16: Agenda
Agenda 1. Q1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 16
Slide 17: Medical: Strong growth in revenue and earnings, driven by radiopharmaceuticals
Medical 57% Medical: Strong growth in revenue and earnings, driven by radiopharmaceuticals – comparing PY is hard (in Mio. EUR) ▪ FX adjusted: +24% Net Sales (external only) ▪ Q1 2025 impacted by cyber attack and temporary delivery stop ▪ Highlights: +8,6 Mio. in generators, strong development in CD
Slide 18: GalliaPharm Ge-68/Ga-68 Generator - Countries of Availability
GalliaPharm® Ge-68/Ga-68 Generator - Countries of Availability slides only for illustration – the spoken word shall be binding 18
Slide 19: Lu-177: Approved Therapies will be enriched by advanced pipeline candidates
Lu-177: Approved Therapies will be enriched by advanced pipeline candidates a) Next Potential Candidates for Market Approval Company Drug Indication Clinical Phase Estimated Market Entry Curium PSMA I&T Prostate 3 2026 Lantheus / Lilly DOTATE Neuroendocrine Tumors 3 2026 Sinotau Pharma DOTATE Neuroe
Slide 20: Lu-177: Promising sales potential of market-approved therapies
Lu-177: Promising sales potential of market-approved therapies 2025 2030 Indication* Patients GBq Lu-177 Sales Patients GBq Lu-177 Sales Prostate Cancer ≈ 13.000 > 520.000 > 104 Mio. EUR ≈ 65.000 >2.6 Mio > 520 Mio. EUR Neuroendocrine Tumors ≈ 6.800 > 270.000 > 54 Mio. EUR ≈ 10.000 > 0,4 Mio > 80 Mi
Slide 21: Ac-225: Next potential candidates for market approval will fill the pipeline
Ac-225: Next potential candidates for market approval will fill the pipeline Company Drug Indication Clinical Phase Estimated Market Entry Fusion Pharma / Astrazeneca FPI-2265 Prostate 2/3 2028 Rayzebio / Bristol Meyer RYZ101 Neuroendocrine Tumors 3 2027 Novartis PSMA-617 Prostate 3 2029 Bayer BAY35
Slide 22: Ac-225: Equally high sales potential of market-approved therapies
Ac-225: Equivally high sales potential of market-approved therapies 2029 2034 Indication* Patients MBq Ac-225 Sales Patients MBq Ac-225 Sales Prostate Cancer ≈ 5.000 > 200.000 > 90 Mio. EUR ≈ 12.000 > 480.000 > 192 Mio. EUR Neuroendocrine Tumors ≈ 500 > 20.000 > 9 Mio. EUR ≈ 800 > 32.000 > 12,8 Mio.
Slide 23: Lu-177 / Ac-225 – Large number of clinical trials with potential to drive demand
Lu-177 / Ac-225 – Large number of clinical trials with potential to drive demand Lu-177: 198 Ac-225: 29 Source: Ancora.ai (03.11.2025) slides only for illustration – the spoken word shall be binding 23
Slide 24: Isotope Products: slow Q1 start – momentum recovering, outlook positive
Isotope Prod. Isotope Products: slow Q1 start – momentum recovering, outlook positive 43% (in Mio. EUR) ▪ FX adjusted -2% ▪ Strong performance in Medical Imaging Business (+27%) and HARS Net Sales (external only) (+200%) -> completion of a large Co-60 installation project (catch-up effect) 3M 2026 3
Slide 25: EBIT adj. (-2% vs. 3M 2025)
EBIT adj. (-2% vs. 3M 2025) Medical Isotope Products Others Total in Mio. EUR 3M/2026 3M/2025 3M/2026 3M/2025 3M/2026 3M/2025 3M/2026 3M/2025 EBIT reported (from continuing operations) 14,1 10,2 2,8 4,8 -0,8 0,0 16,1 14,9 financial result 0,0 0,0 0,0 -0,2 -0,1 -0,1 -0,1 -0,2 currency effects -0,1 0,
Slide 26: Group revenue per region (in Mio. EUR): Europe and Americas still in forefront
Group revenue per region (in Mio. EUR): Europe and Americas still in forefront ▪ Largest markets: Germany 8 Mio. EUR Europe (+35%), followed by UK/IRL 5 Mio. EUR 3M 2026 Europe (+4%) and Scandinavia 3 Mio. EUR (on PY) 28,3 25% 39% ▪ Strongest abs. growth in Germany +2 Mio. 3M 2025 22,7 EUR, Switzerl
Slide 27: Radiopharmaceuticals to grow by 23% (Q1 2026 vs. Q1 2025, in Mio. EUR)
Radiopharmaceuticals to grow by 23% (Q1 2026 vs. Q1 2025, in Mio. EUR) +23% 44,7 39,2 38,8 36,2 32,0 28,4 29,6 29,5 28,6 Q1 Q2 Q3 Q4 2024 2025 2026 slides only for illustration – the spoken word shall be binding 27
Slide 28: Radiopharmaceuticals: +0% vs. PY (in Mio. EUR)
Radiopharmaceuticals: +0% vs. PY (in Mio. EUR) Radiopharmaceuticals: ▪ Pharmaceutical grade bulk radioisotopes (Y-90, Lu-177, Ac-225) ▪ Pharmaceutical grade generators (Ga-68, Tc-99) ▪ Cold Kits ▪ Contract development services ▪ Contract manufacturing services +0% ▪ Radiopharmaceutical production eq
Slide 29: Strong Balance Sheet as of 31 March 2026: Equity ratio 57%
Strong Balance Sheet as of 31 March 2026: Equity ratio 57% Cash/Stocks 124 Equity 268 Receivables 52 Minority Interests 1 Inventory 48 IFRS 16 Leasing 31 IFRS 16 Leasing 29 Accruals/Provisions 98 Intangible Assets 47 Loan liabilities 12 Fixed Assets 111 Other Short Term Payables 56 Assets held for s
Slide 30: Key Figures
Key Figures 3M 2026 3M 2025 Changes to PY in Mio. EUR in Mio. EUR in % EBIT adjusted 16,0 16,2 - 1,7 Cash flow from operating activities 1 5,2 7,0 - 25,6 Payments for intangible assets and property, plant and equipment1 2 5,6 4,9 + 15,3 FCF-Margin -1% 3% -3,7 pp ROCE 16% 17% -1,5 pp Cash and Cash eq
Slide 31: Q1 2026 Financial Overview
Q1 2026 Financial Overview Revenue Q1 2026 € 72,9 M Cash Flow Cash Balance Equity Ratio EBIT adj. Q1 2025 from op. Activities and Securities € 68,2 M € 5,2 M € 16,0 M € 123,9 M 57 % -26% -2 % +5 % +5 pp vs. previous year vs. previous year vs. previous year vs. previous year slides only for illustrat
Slide 32: Agenda
Agenda 1. Q1 2026 at a Glance 2. Financial Performance 3. Outlook slides only for illustration – the spoken word shall be binding 32
Slide 33: Outlook: Guidance 2026 remains unchanged
Outlook: Guidance 2026 remains unchanged Change to PY in Mio. EUR 2025 2026 Guidance abs. in % Net Sales (Group) 312 320 +8 +3% EBIT adjusted 78 80 +2 +3% Medical 51 49 -2 -4% Isotope Products 28 33 +5 +17% Others -2 -2 -0 +23% thereof Ac-225 License Deals Sales 14,4 5,6 - 8,8 -61% EBIT 14,0 5,5 - 8
Slide 34: Financial calendar and IR-contact
Financial calendar and IR-contact ▪ May 19, 2026 Berenberg European Conference 2026, New York Eckert & Ziegler SE ▪ May 21-22, 2026 Cantor European Summit, Hamburg Karolin Riehle ▪ May 27, 2026 Rothschild Radiopharma Conference, New York Investor Relations & PR ▪ June 24, 2026 Annual General Meeting
Slide 35: Thank you!
Thank you! = Eckert & Ziegler Contributing to saving lives